Investment Rating - The industry is rated as "Buy" [4] Core Insights - In July, the Ministry of Agriculture and Rural Affairs reported a stable yet slightly declining breeding sow inventory at 40.42 million heads, with a significant increase in pig slaughtering volume, reaching 31.66 million heads, a month-on-month increase of 5.3% and a year-on-year increase of 30.4% [1][3] - The average price of commodity pigs showed a slight rebound to 14.84 yuan/kg in July, with a month-on-month increase of 1.9% but a year-on-year decrease of 21.6% [1] - The overall profitability of the industry remained marginal, with average profits per head for large-scale farms at 21 yuan and for smallholders at 6 yuan [1] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.02% compared to the Shanghai Composite Index's 0.84% increase [13] - The livestock farming sector saw a rise of 4.39%, while other sectors like animal health and fisheries experienced declines [13] 2. Key Data Tracking - The average price of live pigs was reported at 13.66 yuan/kg, down 0.65% week-on-week, while the average price of piglets was 27.14 yuan/kg, down 2.3% [22] - The average slaughter weight of pigs decreased to 127.83 kg, with a slight decline of 0.15 kg week-on-week [22] 3. Investment Recommendations - The pig farming sector is expected to enter a long-term profit upcycle, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [3][68] - The feed and animal health sectors are also highlighted for potential growth, particularly with the recent clinical trials of vaccines [3][68] - The planting chain is recommended for investment due to the upward trend in grain prices, with companies like Suqian Agricultural Development and Beidahuang being noted [3][68] - The pet food sector is experiencing growth, with recommendations for companies like Guibao Pet and Zhongchong Co., Ltd. [3][70]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 3.717 billion yuan in the first half of 2025, representing a year-on-year increase of 66.49%, and turned a profit with a net profit of 181 million yuan [8] - The company continues to experience a decline in breeding costs while achieving rapid growth in scale, with a pig output of 1.9096 million heads in the first half of 2025, up 74.47% year-on-year [8] - The company is expected to achieve revenues of 6.3 billion yuan, 7.8 billion yuan, and 8.5 billion yuan from 2025 to 2027, with corresponding net profits of 467 million yuan, 986 million yuan, and 1.171 billion yuan [8] Financial Performance - The company's revenue for 2023 is projected at 4.041 billion yuan, with a growth rate of 1.8%, and is expected to reach 6.078 billion yuan in 2024, reflecting a growth rate of 50.4% [6][9] - The net profit for 2023 is forecasted to be -645 million yuan, turning positive in 2024 with a net profit of 519 million yuan [6][9] - The earnings per share (EPS) is expected to improve from -1.28 yuan in 2023 to 2.30 yuan by 2027 [6][9] Cost Management - The company maintains industry-leading cost control capabilities, with breeding costs continuing to decline, estimated at approximately 13.4 yuan/kg and 13.2 yuan/kg for Q1 and Q2 of 2025 respectively [8] - The company has successfully integrated quality production capacity resources and improved capacity utilization, leading to significant growth in pig production [8] Cash Flow and Financial Health - As of the first half of 2025, the company reported a net cash flow from operating activities of 602 million yuan, indicating a strong cash position [8] - The company's monetary funds increased by 16.15% compared to the beginning of the year, reaching 670 million yuan [8]

Core Viewpoint - The recent financial report of Juxing Agriculture and Animal Husbandry (603477) shows significant growth in revenue and net profit for the first half of 2025, indicating a strong recovery from previous losses, although there are concerns regarding short-term debt pressure and cash flow management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 3.717 billion yuan, a year-on-year increase of 66.49% [1]. - The net profit attributable to shareholders was 181 million yuan, reflecting a substantial year-on-year increase of 504.12% [1]. - In Q2 2025, total revenue was 2.072 billion yuan, up 61.34% year-on-year, but net profit decreased by 44.66% to 51.58 million yuan [1]. - Gross margin improved to 13.71%, a year-on-year increase of 21.68%, while net margin reached 5.0%, up 369.96% [1]. - The company reported a current ratio of 0.84, indicating rising short-term debt pressure [1]. Cost Management and Efficiency - The company is focusing on cost control and efficiency improvements in its pig farming operations through a combination of technology and management strategies [5]. - Key measures include strict biosecurity protocols, enhanced genetic management, and optimized farming processes to reduce production costs [5]. Debt and Cash Flow - The company’s interest-bearing liabilities increased to 3.717 billion yuan, a rise of 7.93% year-on-year [1]. - Cash flow metrics indicate that cash and cash equivalents accounted for only 7.09% of total assets, and the ratio of cash to current liabilities was 17.84% [3]. Market Position and Investment Sentiment - The company has a cyclical performance history, with a return on invested capital (ROIC) of 11.17% last year, but a median ROIC of only 7.08% since its listing [3]. - Analysts expect the company to achieve a net profit of 503 million yuan in 2025, with an average earnings per share of 0.99 yuan [3]. Fund Holdings - The largest fund holding Juxing Agriculture and Animal Husbandry is the Yinhua Domestic Demand LOF, which has reduced its holdings recently [4]. - Other funds have also adjusted their positions, indicating a mixed sentiment among institutional investors [4].

格隆汇8月29日丨巨星农牧(603477.SH)发布中报，2025上半年实现营业总收入37.17亿元，同比增长 66.49%；归属母公司股东净利润1.81亿元，上年同期亏损4484.36万元；基本每股收益为0.36元。 ...

Core Insights - The company, Juxing Agriculture and Animal Husbandry, reported an increase in shareholder accounts to 36,300 as of June 30, 2025, reflecting a growth of 254 accounts or 0.7% since March 31, 2025 [1][2] - The average number of shares held per account decreased from 14,100 to 14,000, with the average market value per account at 289,000 yuan [1][2] - Compared to the industry average, Juxing's shareholder accounts are below the average of 57,600 for the livestock sector, and the average market value per account is also lower than the industry average of 418,700 yuan [1][2] Stock Performance - From March 31, 2025, to June 30, 2025, Juxing's stock price increased by 7.09%, during which the number of shareholders rose by 254 accounts [1][2] - The stock experienced a significant decline in the previous quarters, with a drop of 24.74% by September 30, 2024, and a recovery of 12.22% by March 31, 2025 [2] Capital Flow - During the period from March 31, 2025, to June 30, 2025, the company saw a net outflow of 474 million yuan from institutional investors and 299 million yuan from retail investors, while retail investors contributed a net inflow of 773 million yuan [2] - The stock was listed on the trading board once during this period, with institutional and Shanghai Stock Connect special seats also participating [2] - Over the last three months, there was a net inflow of 91.9 million yuan in financing, indicating an increase in financing balance, while the net inflow of short selling was 46,200, leading to an increase in short selling balance [2]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, reported significant growth in its pig farming business, with a notable increase in pig output and revenue in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 3.71 billion yuan [1] - The pig output reached 1.9096 million heads, representing a year-on-year increase of 74.47% [1] - Revenue from pig products amounted to 3.4317031 billion yuan [1] Group 2: Business Operations - The company is focused on enhancing operational management and promoting high-quality development [1] - The leather business generated a main operating income of 101.0092 million yuan, reflecting a year-on-year growth of 176.78% [1] - Despite the growth in leather business revenue, the company has not yet achieved profitability due to ongoing low market demand [1]

证券日报网讯8月29日晚间，巨星农牧（603477）发布公告称，公司将于2025年9月15日召开2025年第二 次临时股东大会。本次股东大会将审议《关于取消监事会并修订 <公司章程> 、废止监事会相关制度的 议案》《关于修订公司相关制度的议案》等多项议案。 ...

Group 1 - The core viewpoint of the article is that Juxing Agriculture and Animal Husbandry (SH 603477) held its 29th meeting of the fourth board of directors on August 29, 2025, to review proposals including the revision of company-related systems [1] - For the year 2024, the revenue composition of Juxing Agriculture and Animal Husbandry is as follows: 97.73% from the breeding industry, 2.11% from the leather industry, and 0.15% from other businesses [1] - As of the time of reporting, the market capitalization of Juxing Agriculture and Animal Husbandry is 10.8 billion yuan [1]

Group 1 - The company will hold its second extraordinary general meeting of shareholders on September 15, 2025, at 15:00 in Chengdu, Sichuan Province [1][2] - The voting will be conducted through a combination of on-site and online voting systems provided by the Shanghai Stock Exchange [2][4] - The network voting period is set from September 15, 2025, with specific time slots for trading system voting and internet platform voting [1][2] Group 2 - Shareholders must register to attend the meeting, with registration available from August 13, 2025, during specified hours [7] - The company has outlined the necessary documentation for registration, including identification and authorization letters for representatives [7][8] - There are no related shareholders that need to abstain from voting on the proposed resolutions [2]

乐山巨星农牧股份有限公司 募集资金存放与实际使用情况的专项报告 乐山巨星农牧股份有限公司 关于公司募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求（2022 年修订）》（证监会公告[2022]15 号）和《上海证券交易所上市公司自律监 管指引第 1 号——规范运作（2023 年 12 月修订）（上证发〔2023〕193 号）》等有关规定， 乐山巨星农牧股份有限公司（以下简称"公司"或"本公司"）董事会编制了截至 2025 年 6 月 30 日的《关于公司募集资金存放与实际使用情况的专项报告》。 本报告中合计数与各明细数相加之和在尾数上如有差异，系四舍五入所致。 一、募集资金基本情况 （一）2021 年非公开发行股票募集资金 经中国证券监督管理委员会证监许可[2021]647 号文《关于核准乐山巨星农牧股份有限公 司非公开发行股票的批复》核准，本公司非公开发行人民币普通股 38,181,814 股，发行价 ...